Highest Possible Ratings Reduce Borrowing Costs
Harford County has retained its AAA rating by all three of the major independent bond-rating agencies. Standard & Poor’s, Moody’s, and Fitch each reaffirmed their highest possible rating for 2020, placing Harford among an estimated 2% of counties nationwide to earn the top rating from all three agencies. The county’s AAA rating keeps borrowing costs low for capital projects including schools and roads.
Announcing its decision, Standard & Poor’s Rating Services noted Harford’s broad and diverse economy, and wrote, “We view the county’s management as very strong, with strong financial policies and practices …”
Fitch wrote, “The county proved its financial resilience and strong budget management through the most recent recession by making reductions in operating and capital spending.”
Moody’s Investors Service cited Harford County’s “Proactive and conservative management,” adding that although the fund balance is below the median average for Triple-A ratings, levels are “adequate.”
“I am proud that all three rating agencies have recognized our dedication to strong fiscal policies that secure Harford’s future,” County Executive Barry Glassman said. “I would like to thank my budget and finance teams, and all county employees, for continuing our efficient stewardship of taxpayer funds.”